• The company of Michael Novogratz disposed of its stake in EOS developer company.
  • EOS reaction is muted so far as the coin stays in the range.

Galaxy Digital, founded by a prominent cryptocurrency supporter Michael Novogratz, sold its stake in Block.One for $71.2 million. According to the announcement made by Galaxy Digital, this move should improve the portfolio of the company and keep it well diversified.

"The acceptance of Block .one's tender offer reflected a decision to rebalance the portfolio to maintain an appropriate level of diversification after the position increased due to its substantial outperformance relative to the remainder of the portfolio," the CEO of Galaxy Digital Michael Novogratz commented.

The two companies created a joint venture in January 2018 and launched EOSIO Ecosystem Fund worth of  $325 million. However, Galaxy Digital is not the only big name in the list of Block .one's investors. PayPal co-founder Peter Thiel and Bitmain co-founder Jihan Wu also financed the company in 2018.

Meanwhile, according to Bloomberg, Block.one has launched a buyback program of 10% of its shares. Currently, the company values itself at $2.3 billion, which is about 66% increase from the valuations of 2017 made during the seed round.

EOS showed little reaction to the news moving within a tight range limited by $6.00 on the downside and $6.7 on the upside. The 5th largest coin has gained 1.6% in recent 24 hours and stayed mostly unchanged since the beginning of Wednesday. At the time of writing, EOS/USD is changing hands at $6.3.

EOS/USD, 4-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin bulls and bears standoff continue, someone has to give in

The cryptocurrency market is dominated by bearish sentiments during early Asian hours. Bitcoin and most altcoins out of top-20 are nursing losses on a day-to-day basis. Binance Coin (BNB) is the biggest loser, down 4%, while Tezos (XTZ) and Bitcoin Cash (BCH) is in a green zone.

More Cryptocurrencies News

Some XRP transactions involved in the financial pyramids

Analysts from Elliptic monitored XRP transactions and identified several hundred accounts related to illegal activities. the Block reports.

More Ripple News

Tron price analysis: TRX/USD must defend the falling channel for dear life

Tron is disintegrating within a falling wedge pattern. The declines come after a failed attempt to rise above the resistance at $0.023. A lower high and lower low pattern has been the norm in the last three weeks.

More TRON news

Bitcoin Cash price update: BCH/USD future is still bright, $300 is the rendezvous

Bitcoin Cash recently tested $230 during the slump that shuttered various tentative support areas including $280, $260 and $240. Ranging channel support ($270) was also broken. Following the drop, an effort has been made to ....

More Bitcoin Cash News


Bitcoin Weekly Forecast: In the middle of nowhere

Bitcoin has been drifting down since the beginning of the week, as the bulls have no luck with the recovery campaign launched during the previous weekend.

Read the weekly forecast